BoI becomes signatory to UN responsible banking


The Bank of Industry (BoI) has become a signatory to the United Nations Principles for Responsible Banking, says Olukayode Pitan, BoI’s managing director.

The ‘UN principles for responsible banking’ was launched on September 22, 2019, at the UN Headquarters in New York City, during the UN General Assembly.

It was developed through a partnership between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).

The principles are the leading framework for ensuring that banks’ strategies and practices align with the vision society has set out for its future in the UN Sustainable Development Goals (SDG) and the Paris Climate Agreement.

Mr Pitan explained that banks that signed the principles commit to being ambitious in their sustainability strategies, working to mainstream and embed sustainability into the heart of their business while allowing them to remain at the cutting-edge of sustainable finance.

He stated that signatories to the principles took on leadership roles, demonstrating how banking products, services, and relationships could support and accelerate the changes necessary to achieve shared prosperity for current and future generations.

“We are honoured to be the first Development Finance Institution in Nigeria to commit to the UNEF FI Principles for Responsible Banking alongside other leading DFIs in the international space,” Mr Pitan. “This global framework strengthens our approach to addressing the sustainable development challenges of our economy by critically analyzing our market to identify pressing needs of our communities, environment, and customers.”

According to him, the partnership, another pioneering effort for the BoI, aligns with “our dedication to lead” the development finance industry in Africa.

“We aim to improve the overall strategic impact of our interventions towards environmental management, social development, industrialiSation, and poverty alleviation through sustainable finance,” the BoI boss added. “These banks also join the world’s largest global banking community focused on sustainable finance, sharing best-practice and working together on practical guidance and pioneering tools of benefit to the entire industry.”